Market Trends of Cruise Missile Industry
The Air Segment is Expected To Witness Significant Growth During The Forecast Period
- The air-launch segment is expected to witness significant growth during the forecast period. Air-Launched cruise missiles are winged, jet-powered missiles designed to be launched from an aircraft and to fly toward the target at low altitude on automatic guidance, with a range of almost 2,500 miles (4,023 km).
- In the present scenario, advanced cruise missiles are fitted on military aircraft having advanced capabilities and are launched while airborne from such military aircraft. Moreover, the current air-launched cruise missiles are standoff weapons that are used to attack predetermined land targets with conventional, nuclear, or thermonuclear payloads.
- For instance, in November 2022, the United States Air Force announced that they have, for the first time in an overseas test, used its Rapid Dragon system, in which cruise missiles on pallets are launched from the back of a mobility aircraft. An MC-130J Commando II from the 352nd Special Operations Wing launched a Joint Air-to-Surface Standoff Missile-Extended Range cruise missile using the system nicknamed 'bomb bay in a box' in a range over the Norwegian Sea. Moreover, according to the United States Air Force, such positive testing has resulted in highlighting the progress of the cruise missile program from concept to live firing in under two years.
- On the other hand, various countries around the world are witnessing developments in terms of the development of advanced cruise missiles, which are launched from the air. For instance, the highly advanced BRAHMOS air-launched cruise missile (ALCM) with precision attack capabilities against sea and land targets has been designed and developed by Brahmos Aerospace for the Indian Air Force frontline air combatant platform Sukhoi-30MK1. In addition, the Brahmos ALCM is the heaviest and the most powerful weapon to arm the Sukhoi-30MK1 super maneuverable strike fighter of the Indian Air Force.
- Thus, such developments concerning advanced air-launched cruise missiles will have a positive outlook and will lead to the air-launched platforms witnessing significant growth in the cruise missiles market during the forecast period.
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North America to Dominate the Market During the Forecast Period
- By geography, North America is expected to witness significant growth during the forecast period. The rising incidence of cross-border tensions coupled with a growing military budget and the need for ramping up defense capabilities with advanced weapons are the main factors that will contribute to the growth of the market in the near future.
- The United States is one of the biggest military spenders worldwide. According to the United States Department of Defense, the military budget of the United States has been proposed to be increased to USD 797 billion in the fiscal year of 2023 as compared to USD 728 billion, which was the military budget in 2022. Moreover, out of the USD 728 billion, USD 56.5 billion has been allocated to air power platforms and systems, more than USD 40.8 billion has been allocated for sea power, and nearly USD 12.6 billion has been allocated towards modernizing the Army and Marine Corps fighting vehicles.
- Currently, the most advanced cruise missile in possession of the United States is the AGM-129A Advanced Cruise Missile. The AGM-129A is a subsonic, turbofan-powered, air-launched cruise missile. It is harder to detect and has greater range and accuracy than the AGM-86 air-launched cruise missile.
- Moreover, the AGM achieves maximum range through its highly efficient engine, aerodynamics, and fuel loading. In addition, B-52H bombers can carry up to six AGM-129A missiles on each of two external pylons for a total of 12 per aircraft.
- Moreover, the United States has also been investing in developing advanced cruise missiles in recent years. For instance, in August 2022, the United States Air Force announced that they had secretly test-fired a long-range variant of a stealthy cruise missile from a B-2 stealth bomber. The cruise missile known as Lockheed Martin's JASSM-ER has about triple the 370-kilometer range of the standard JASSM and is slated to be retargetable in flight, making it easier to hit mobile targets deep behind enemy lines. The variant has already been fitted to the B-1 bomber, and F-15E strike fighter. Thus, such advancements in cruise missile technology will have a positive outlook and lead to the cruise missile market witnessing significant growth in North America during the forecast period.
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